26Livingstone is pleased to announce the successful recapitalisation of Smith Frozen Foods, Inc. by Wells Fargo Business Credit.
Founded in 1919 and located in eastern Oregon, Smith Frozen Foods is one of the oldest and largest frozen vegetable processors and packagers in the US Principal products include peas, sweet corn, and carrots, along with vegetable blends, that are sold to a diverse customer base across global channels including private label retail, food service, and other food manufacturers.
“Over the last 90 years Smith Frozen Foods has developed an enviable position as one of the top players in the frozen vegetable market,” stated Joe Greenwood, Managing Director at Livingstone Chicago. “Wells Fargo’s recapitalisation provides the Company with a long-term financial partner and ample liquidity to support the anticipated growth of the business.”
The Smith Frozen Foods refinancing represents another successful transaction for Livingstone’s Debt Advisory team, as the firm continues its focus on raising senior and mezzanine debt for private and private equity backed companies.
Livingstone’s Debt Advisory team has completed six transactions so far in 2011, and anticipates several additional completions prior to the end of 2011.